The undersigned trade associations represent millions of individually- and family-owned businesses operating in every sector of the American economy. We write to voice our strong opposition to any reductions or repeal of the 20-percent deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds. Section 199A is an essential part of the Tax Code.

We, the undersigned members of the Family Business Estate Tax Coalition (FBETC), write to state our unequivocal support for the continuation of stepped-up basis and to highlight the attached study from EY illustrating the economic damage that step-up repeal via tax at death would inflict.

On behalf of the National Stone, Sand & Gravel Association (NSSGA) and the aggregates industry we represent, we welcome today’s hearing titled Long-term Solvency of the Highway Trust Fund: Lessons Learned from the Surface Transportation System Funding Alternatives Program and Other User-based Revenue Solutions, and How Funding Uncertainty Affects the Highway Programs. As you well know, the Highway Trust Fund (HTF) is dependent on outdated and insufficient user fees, and absent proactive solutions and new revenue models, the HTF will be financially insolvent in the very near future.

As your committees begin work to reauthorize surface transportation programs, we write in support of creating a comprehensive national vehicle miles traveled (VMT) implementation program.

A recent letter signed by dozens of U.S. Senators and Representatives called on Congress to retroactively repeal last year’s Net Operating Loss (NOL) relief enacted in the CARES Act. This ill-advised effort would result in a massive, retroactive tax hike on thousands of businesses who, by definition, have suffered losses in recent years and need help during the pandemic. It should be rejected by the both the House and the Senate.